Andhra Pradesh government is mulling on a new option for the construction of the upcoming state capital. The government will be floating a corporation in which Singapore will be a partner. Together they will be undertaking the capital construction and will have a share in the profits. Japan may as well partner in this corporation.
[m9ad]
The corporation is likely to be named Amaravati Development Partners Corporation and will have partners who will bring in investments into the capital.
Singapore reportedly agreed to be partner in development of 3000 acres. The land ownership will remain with the corporation while the master developers recommended by the Singapore government will invest money in the corporation.
Singapore’s SembCorp and Temsek Holdings Pvt Ltd consortium are currently interested in partnering with AP in the Amaravati Corporation. After allotting developed land to the farmers, the state government will have around 15,000 acres of land in hand of which 3,000 acres will be handed over to the Singapore consultants and in the remaining land, the government will have to develop the other infrastructure needed in Amaravati, including the government buildings. Singapore government is currently working on the profit sharing formula and will be submitting the proposal in 10 days. Both the parties will agree for a common proposal and then draft the agreement.
